Liam Twomey (Fine Gael)

I move amendment No. 24:

In page 3, between lines 35 and 36, to insert the following new subsection:

"(7) (a) Any credit institution in receipt of financial support under this Act shall have appointed to its risk assessment committee, risk management committee or other appropriate board, such person as the Committee of Public Accounts shall direct to protect against possible misuse of such financial support.

(b) Any credit institution in receipt of financial support under this Act shall have appointed to its Board of management such person as the Minister directs to protect against possible misuse of such financial support.

(c) Any person appointed under paragraph (a) and (b) shall be of an appropriate degree of qualification and experience to discharge their function under paragraph (a).

(d) Any credit institution in receipt of financial support under this Act shall, in under the supervision of the person appointed under paragraph (a), conduct a due diligence assessment of its practices and procedures to ensure that it is operating with such strict financial controls and regulations as may be prescribed from time to time by the Regulatory Authority.".

One of the things the Minister has been saying during the course of the debate is that he would like to see a greater involvement by the Oireachtas in the risk management of all credit institutions. This amendment seeks that those appointed to senior posts within the banking sector or the regulatory sector by Government should appear before the Committee of Public Accounts and say why they are the most suitable for the job. There should be an onus on such individuals, when appointed, to carry out due diligence functions on the organisations they are due to supervise and report back to the relevant Oireachtas committee. This would strengthen the role of the Oireachtas in the regulation of all financial institutions in which in which it has a role.